Rumors swirl after Citigroup analyst speculates on $86 per share bid.
Following a small run-up in the price of General Mills stock, rumors are circulating that 3G Capital, the same investment firm that bought Heinz and then merged Heinz with Kraft, made an offer to acquire the Minneapolis company.
Several media reports cite a Citigroup analyst who apparently reported that 3G "could acquire" (that's the wording in one report) General Mills for $86 a share, a 37 percent premium to the stock's May 9 closing price. We asked Citigroup to confirm the report but the investment firm hasn't gotten back to us yet.
General Mills stock gained 1.7 percent, to $63.80 per share, following the report – that's still far below the suggested takeover price of $86. One report notes the stock was previously up 8.8 percent this year – which is difficult to justify from the most recent financial report. Big G's fiscal third quarter results, announced on March 23, show an 8 percent sales decline and 3 percent decline in operating profit.
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